According to Kevin O'Leary, one of the investors on the television version of Shark Tank, there are 3 things to look for in a pitch:
1. Be able to articulate the pitch in 90 seconds or less.
While "Shark Tank" pitch segments average 10 minutes in length, the unedited pitches can last an hour. But if an entrepreneur can't convince at least one of the investors within a minute and a half that they'll be missing out on a fantastic chance to make a ton of money, then all the time in the world won't be enough to win them over.
2. They are able to explain why they are the best people for the job.
A great product isn't enough. The entrepreneurs need to convince the investors that no one else understands the product or its customers better, and that their passion for the business can't be matched.
3. They know their numbers.
I've seen so many deals fall apart after the first two have been achieved, and then you ask questions about anything to do with the numbers side and if they don't know the answer, they just evaporate," O'Leary says. If an entrepreneur suggests that an investor can help teach them about their industry's market size and their product's ideal margins, then it's game over.
You and your team will be presenting your product to our own group of "Sharks". Your total presentation needs to be 5 minutes in length. Use the evaluation rubric to make sure your presentation is of excellent quality!
Things to think about to make a great presentation for Shark Tank: Be prepared. Extremely well prepared and ready to make your case. Your audience will expect facts, a clear premise, and a good argument. That’s a given. They will also expect you to show up with some passion and conviction. Some of the contestants leave the sharks cold. They just don’t “feel it" and as a result rarely make an offer. Others bring smiles and laughs and a great feeling but without a good case, the sharks will also walk. In order to close the deal you will need both good logic and good feelings.
Hone your presentation. Just like on the show, you'll have a limited amount of time and your audience will have a limited attention span. Yet you will have plenty of information to impart. Prepare, rehearse, fine tune and rehearse some more. Put the most important facts up front. Save the least important ones for last, or leave them out. You can’t tell the audience everything, so select the most important or most compelling information only.
Frame everything in terms of the audience. What do they need? What do they want? They constantly evaluate your presentation in terms of how it will impact them. Make it easy for them to see the benefits.
Anticipate challenges, and be ready with strong answers. Some of the most basic questions seem to come as a surprise to contestants. How many have you sold? What's your distribution channel? What is your market niche? You should take the time to not only predict what questions might be asked, but to prepare and rehearse your answers so you won't be taken off guard.
Don't argue. Your audience may very well have a different take or opinion than you do. They may well raise objections. If you take it personally and start to argue, you will probably escalate the tension and increase resistance. Even worse, your audience, like the sharks, may become even less interested. So when you face resistance, keep your cool. Take your time. Stay logical. Marketing component: Your presentation must include a marketing component, whether it be a bill board advertisement, an infomercial, a commercial, or some sort of video demonstration of your product. Presenting in many ways is similar to appearing on Shark Tank. You have an idea to "sell" to your audience, and a lot riding on it. It's a lot of pressure and limited time. But preparation and practice, a firm belief in what you are saying and a cool head will greatly increase the odds of your success. Judges' Form
According to Kevin O'Leary, one of the investors on the television version of Shark Tank, there are 3 things to look for in a pitch:
1. Be able to articulate the pitch in 90 seconds or less.
While "Shark Tank" pitch segments average 10 minutes in length, the unedited pitches can last an hour. But if an entrepreneur can't convince at least one of the investors within a minute and a half that they'll be missing out on a fantastic chance to make a ton of money, then all the time in the world won't be enough to win them over.
2. They are able to explain why they are the best people for the job.
A great product isn't enough. The entrepreneurs need to convince the investors that no one else understands the product or its customers better, and that their passion for the business can't be matched.
3. They know their numbers.
I've seen so many deals fall apart after the first two have been achieved, and then you ask questions about anything to do with the numbers side and if they don't know the answer, they just evaporate," O'Leary says. If an entrepreneur suggests that an investor can help teach them about their industry's market size and their product's ideal margins, then it's game over.
You and your team will be presenting your product to our own group of "Sharks". Your total presentation needs to be 5 minutes in length. Use the evaluation rubric to make sure your presentation is of excellent quality!
Things to think about to make a great presentation for Shark Tank:
Be prepared. Extremely well prepared and ready to make your case. Your audience will expect facts, a clear premise, and a good argument. That’s a given. They will also expect you to show up with some passion and conviction. Some of the contestants leave the sharks cold. They just don’t “feel it" and as a result rarely make an offer. Others bring smiles and laughs and a great feeling but without a good case, the sharks will also walk. In order to close the deal you will need both good logic and good feelings.
Hone your presentation. Just like on the show, you'll have a limited amount of time and your audience will have a limited attention span. Yet you will have plenty of information to impart. Prepare, rehearse, fine tune and rehearse some more. Put the most important facts up front. Save the least important ones for last, or leave them out. You can’t tell the audience everything, so select the most important or most compelling information only.
Frame everything in terms of the audience. What do they need? What do they want? They constantly evaluate your presentation in terms of how it will impact them. Make it easy for them to see the benefits.
Anticipate challenges, and be ready with strong answers. Some of the most basic questions seem to come as a surprise to contestants. How many have you sold? What's your distribution channel? What is your market niche? You should take the time to not only predict what questions might be asked, but to prepare and rehearse your answers so you won't be taken off guard.
Don't argue. Your audience may very well have a different take or opinion than you do. They may well raise objections. If you take it personally and start to argue, you will probably escalate the tension and increase resistance. Even worse, your audience, like the sharks, may become even less interested. So when you face resistance, keep your cool. Take your time. Stay logical.
Marketing component: Your presentation must include a marketing component, whether it be a bill board advertisement, an infomercial, a commercial, or some sort of video demonstration of your product.
Presenting in many ways is similar to appearing on Shark Tank. You have an idea to "sell" to your audience, and a lot riding on it. It's a lot of pressure and limited time. But preparation and practice, a firm belief in what you are saying and a cool head will greatly increase the odds of your success.
Judges' Form